Global 4D digital reality solutions company FARO Technologies has acquired Nottingham-based GeoSLAM, a provider of mobile scanning solutions.
Founded in 2012, the addition of GeoSLAM is expected to significantly expand and accelerate FARO’s market growth opportunity in mobile scanning.
“We are excited to add GeoSLAM’s handheld 3D scanning technology to our portfolio of industry-leading data capture solutions,” said Michael Burger, FARO’s President and CEO.
“FARO now offers the industry’s widest range of 4D data capture solutions, including camera-based 360° imagery, mobile scanning, and high-precision stationary laser scanning, enabling customers to balance the need for precision, speed and detail according to their needs. These capture technologies form the basis of our 4D digital reality-based SaaS offering that will allow customers to access multiple 4D data sources for visualization and analysis through a single user experience. We welcome the GeoSLAM team to our FARO family.
“Joining FARO represents the next step in the growth of GeoSLAM and establishing mobile mapping as the engine of growth in how companies map and understand their spaces,” added Andy Parr, CEO of GeoSLAM. “Both companies share a vision of the importance of mobile digitization in the growing digital reality capture market.”
GeoSLAM recorded revenue of £14.5 million with an EBITDA of 18% in the financial year ending March 31, 2022.
Under the terms of the agreement, GeoSLAM shareholders received a cash payment of £22.0 million and 495,562 FARO shares which are subject to customary lock-up provisions.